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Search Results 0 to 49 of about 122 (some duplicates have been removed)
FOX News
Dec 6, 2012 2:00pm PST
. >> interesting outfit. >> my gosh! >> eric: yes, the dreaded fiscal cliff. tax hike, spending cut and sequestion ration, whatever they are. belly flop the economy at once. comfortabling the know that d.c. is on top of it all. alex simpson, former senator and the guy that everyone thinks is a lifeguard at the fiscal pool. ♪ ♪ >> eric: okay, beckel is gangnam style. good to know we're in good hands but get serious, folks. >> any word from karl rove? >> despite what we're telling you, it's over. romney lost. >> i guess it's time i explain, the good people, the upcoming fiscal cliff. >> the economy is the car and rich sman a driver. don't give the driver many. they will drive you over a cliff. just common sense. >> eric: not exactly. the only way to save the republic is for us to let the president go off the fiscal cliff. taxes will go up. but mandatory spending cuts get enacted. that seems to be the only way dems will cut a dime. let's save the place for the kids. do you agree? >> greg: i do. >> bob: i think you're crazy. >> greg: funny that bob and i agree but for different reasons. fiscal cli
FOX News
Dec 6, 2012 5:00pm EST
republic is for us to let the president go off the fiscal cliff. taxes will go up. but mandatory spending cuts get enacted. that seems to be the only way dems will cut a dime. let's save the place for the kids. do you agree? >> greg: i do. >> bob: i think you're crazy. >> greg: funny that bob and i agree but for different reasons. fiscal cliff is a horrible med fore. i means the high grade leftism. what you get are massive cuts in defense. and higher taxes. that means the government expands without improving the one thing that works. so you are feeding obese fat man called the government who still isn't doing any good. what they are doing is blackmailing us. president obama is blackmailing saying if you don't do this, if you don't raise taxes on 2%, this is what will happen. >> eric: can i take issue with that? what if we don't go off the fiscal cliff? we are about sequestration later and do the game with the tax hike and spending cuts. we have the same thing? $20 trillion in the hole in four years, 25 trillion in nine years. nothing will change. this place is bankrupt. >> greg: president obam
NBC
Dec 6, 2012 6:00pm EST
higher tax rates, tax reform, and spending cuts to avert the fiscal cliff. >> i think the president's proposal is short. i think to get where we need to get my $3 trillion target we need $1.2 trillion in spending cuts. >> a growing number of house republicans are open the raising tax rids on the wealthy but only if it is part of a larger reduction deal. >> authorities are identifying the prisoner involved in yesterday's police-involved shooting. 30-year-old brine is charged with attempted murder but he is still at the hospital. he was being treated at the e.r. and trying to hide a needle in his clothes after a brief struggle. medical staff an officer stepped in and he went for the gun. we're told he was handcuffed during the entire incident. the officer was grazed by the bullet but did not require medical treatment. an investigationing is underway on what started a deadly fire in baltimore county. 62-year-old william spencer was killed when these flames engulfed his home. this is eyewitness video from one of our viewers. about 80 fire penalty nell was called to the scene just after midnight and we're told it took about two and half hours to get everything under control. two firefighters are being t
CBS
Dec 6, 2012 4:30am PST
how to avoid the new year's day "fiscal cliff." across-the-board spending cuts and tax increases as we all know will kick in if a budget agreement isn't reached by the end of the month. the president also met with ceos of some of the nation's largest companies hoping to convince them of the need for higher tax rates at upper income levels. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering but, rather, because we need to raise a certain amount of money. >> house majority leader eric cantor says more needs to be done about spending right now. >>> meanwhile, public policy polling conducted an unusual survey to test american knowledge about debt reduction policy. people were asked what they thought of the panetta burns planning, something that doesn't even exist. one-fourth of the people took a stance on it anyway. 8% are in support by golly. 17% opposed. >> that's right. it's important to do research. >> absolutely. >> do your homework. >>> apple stock is coming off one of its worst sections on wall street. apple shares fell 4% after a research
CNBC
Dec 6, 2012 4:00pm EST
. >> all right. let me move on to your meeting with the president about the fiscal cliff. >> sure. it was optimistic. president very inclusive of business. he was open to a broad set of solutions that included all aspects, not just revenue, but spending and entitlement reform. >> so you actually felt that you saw a difference. you say it wasn't always like that. you saw a difference in the president in terms of listening and perhaps taking advice on what's to be done fiscally? >> the president had made comments he was trying to embrace the business community. he was very constructive. >> where do you think we come out on the fiscal cliff? are you expecting the economy to go over the fiscal cliff and see these taxes go high hadder and spending cuts take effect? >> my personal view is i'm still optimistic. i think the conversation has been constructive since. do we have a solution on the table yet? no. but i'm optimistic we'll get to a framework. >> why? >> there's been enough dialogue. there's been movement. everyone seems to recognize the problem. everybody realizes there has to be a revenue component, spend component, entitlement reform component. for us, the business community and all the ceos, certainty is the greatest stimulus for us
FOX Business
Dec 6, 2012 5:00pm EST
because of the fiscal cliff, they will spend less money at the cash register. those people will buy less from fastsigns. melissa: thank you for being here. promise me you will all come back. >> we'll come back. melissa: thank you. >> thank you. melissa: just when you thought there couldn't be anymore bailouts, think again. the federal housing administration is on the verge of collapse and you and i could be stuck with a multibillion-dollar tab. >>> syria's regime loading bombs with sarin gas. is it ready to blow through the u.s.'s so-called red line. details on this story coming up. do you ever have too much "money". [ male nouncer ] where do you turn for legal matters? maybe you want to incorporate a business. orrotect your family with a will or living trust. and you'd like the help of an attorney. at legalzoom a gal plan attorney is available in most states with every personalized document to answer questions. get startedt legalzoom.com today. and now you're protected. melissa: so in case you hadn't heard we could be looking at another government bailout for possibly billions of dollar
FOX
Dec 5, 2012 5:00pm PST
about the fiscal cliff. members of the group delivered teddy bears to lawmakers saying that, quote, can't bear more than their fair share. they say congress needs to add tresz the so-called fiscal cliff before scheduled tax sxhieks spending cuts go into effect. one berkeley mother was among those in washington. >> like many families, i don't have any other place to cut right now so we're here to stand up and make sure that our voices are heard. >> the group also delivered signed petitions urging congress to end the bush tax cuts for the wealthy. >>> representatives from huns of charities have descended on capitol hill in an effort to dlsh there has been talk of capping the deduction but nonprofit leaders say they're afraid if the government limits the deduction people would drastically cut back on their donation. >> that means there will be less opportunity for people to be fed. there will be less nights of care provided for those who are homeless. there will be less service for disaster situations. >> some republican pros pose limiting all itemized tax deductions, but president obama wants to increase tax rates for the wealthiest 2% of americans instead. >>> government regulators are taking action against a baby recliner com
CBS
Dec 6, 2012 6:00pm EST
cliff will be far and wide, there's one local jurisdiction that is especially vulnerable. massive spending cuts could lead to huge reductions in federal contractors and that would be a devastating blow to fairfax county. peggy fox explains. >> reporter: northern virginia is the economic engine of the state. what is it that's transformed and built the economy? federal contracting. from 1980 through 2009 federal contracting in northern virginia increased from $1.7 billion to 38.5 billion, but there's worry the bottom could fall out. >> government contractors stopped doing business in fairfax county because it will be dramatically reduced. >> reporter: these two men were farther of the board meeting this week asking congress to hurry up and resolve the impending sequestration. >> if you make the kind of cuts that some suggest happen are then you're really hurting a lot of the small businesses and residents in fairfax county who rely on federal contracts for their livelihood and ultimately that trickles down to and affects fairfax county. >> reporter: fairfax county pulled in $23 billion in federal
CBS
Dec 6, 2012 4:00pm EST
need to avoid the so-called fiscal cliff. >> you have to nail this down. uncertainty is killing us. >> reporter: top economists talked about the impact of tax increases and government spending cuts on the middle class. >> a couple thousand dollars, means a couple months rent for this family. >> reporter: the white house has made clear the country could go over the cliff, if republicans refused to raise taxes on the top 2% of american earners. >> for them to be burdened, unnecessarily, because democrats and republicans aren't coming together to solve this problem, gives you a sense of the costs involved in very personal terms. >> reporter: republican leaders say they will close loopholes loopholes and eliminate tax breaks to raise money. but insist that bush-era tax cuts must be extended for all americans. >> reporter: the standoff and the country's skyrocketing debt, concerns ryan shenecki. so much so that he's the guy in the suit, dancing gangnam style with former senator allen simpson. >> i'm keeping up on this baby. >> reporter: his group, the cankicksback is working with young people to try to solve the debt crisis. >> we're using humor to hook them in and get them to learn
ABC
Dec 5, 2012 11:00pm EST
over the fiscal cliff. a new poll suggests president obama has the american people's support when it comes to taxing the wealthy. this poll shows nearly half of those surveyed once bush eras tax cuts to expire for those making more than $250,000 a year. the poll was taken last weekend. the questions did lean more to the men -- to the democratic party. eric cantor says republicans want to sit down with the president and talk specifics. president obama spoke with business executives, calling for a balanced approach combining taxes with cuts. the president rejected a gop counter offer, which targeted government cuts but did not add any new taxes. if the deal is not reached by january 1, everyone's taxes will go up and automatic spending cuts will go into affect. >> starbucks makes news for two reasons. why they want you to spend $450 this holiday season for one product. >> a would-be thief sets off a bomb next to an atm. what wins? pictures that will show you. >> feeling like >> ready ms from the district. police are looking -- breaking nes from the district. the victim was stabbed i
CBS
Dec 6, 2012 5:00pm EST
- called fiscal cliff. >> you gotta nail this down. uncertainty is killing us. >> reporter: top comiftds -- economists came to capitol hill thursday to talk about the impact of tax increases ask government spending cuts on the middle class. >> a couple thousand dollars means a couple months rent for this family. >> reporter: the white house has made clear, the country could go or the cliff -- over the cliff, if republicans refuse to raise taxes on the top 2% of american earners. >> for them to be burdened, unnecessarily, because democrats and republicans aren't coming together to solve this problem, gives you a sense of the costs involved in very personal terms. >> reporter: republican leaders say they will close loopholes and eliminate tax breaks to raise money but insist that bush-era tax cuts must be extended for all americans. >> reporter: the standoff and the country's skyrocketing debt concerns ryan shenecki. so much so that he's the guy in the can suit, dancing gangnam style with the cochair of the deficit commission, former senator allen simpson. senecki's group, the can kicks back, is working to get young people involved in fixing the debt crisis. >> we're trying to connect with our generati
WETA
Dec 6, 2012 6:30pm EST
pressed for congress to avoid the fiscal cliff. >> if this family has a couple of thousand dollars less to spend, that translates into $200 billion of less consumer spending next year. and that's bad for businesses, large and small. >> reporter: behind the scenes, the two sides are talking again. but there was no progress in public. senators today fought over the debt limit, and ended up deadlocked over a bill to allow the president to automatically increase borrowing. >> he's shown what he is really after is unprecedented powers to spend taxpayer dollars without any limit at all. >> reporter: if the debt limit isn't raised, the country can't pay for the spending congress has already approved. and economists say the nation pays a high price for this kind of brinksmanship. >> business people aren't going to engage unless they have clarity with respect to this thing. >> reporter: but few insiders expect to find much clarity from washington in the coming weeks. darren gersh, nbr, washington. >> susie: investors will be searching for more clarity on those fiscal cliff talks, and they will also be studying
CBS
Dec 6, 2012 5:00am EST
with more coming up in a few minutes. >>> the fiscal cliff doesn't drop off for almost three weeks but this morning federal agencies have new marching orders from the white house. >> they do. they've been told to prepare for more than $100 billion in spending cuts. susan mcginnis reports there are few signs ever progress to fix this fiscal cliff so far. >> reporter: social security workers marched outside their office in baltimore wednesday. they're protesting the government spending cuts due to kick in at the end ever the year as part of the fiscal cliff. >> we don't want to see our public hurt in any way. >> reporter: just down the road in washington, d.c., the standoff continues. house speaker john boehner says he is still waiting for president obama to make his next counteroffer to the republican plan he rejected. >> we need a response from the white house. we can't sit here and negotiate with ourselves. >> reporter: the president and boehner spoke on the phone wednesday but republicans want more. >> we want to sit down with the. we want to talk specifics. >> reporter: whether the talks happen on the phone or in person, here on capitol hill or at the white house, there will be no deal without a compromise on taxes, something that does not a
FOX News
Dec 5, 2012 9:00pm EST
developments out of the region, but first tonight, urgent developments on the fiscal cliff show down. tim guy ne geithner announced of of the white house that we would, quote, absolutely go over the fiscal cliff which would trigger tax cuts and spending increases unless taxes increase on the top two percent of wage earnings. >> i want you you to understand when it comes to raising taxes on the wealthy. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthy. >> all right. it appears the very definition of the american dream is now being rewritten by president barack obama. now, today our commander-in-chief publicly said he's not going to play games with the fiscal cliff, but that is just not reality. right now the president is playing a very dangerous game of chicken and this is with your paycheck and the american dream. meanwhile, the republicans have allowed themselves to get caught in a circular firing squad. they're negotiating publicly among themselves while true conservatives and tea party members are being removed from key committees. today speaker john boehner adopted the
FOX News
Dec 6, 2012 6:00pm EST
was trying to frame the battle oaf the fiscal cliff as being all about taxes. with no mention of spending cuts. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one. that is good for the american economy. >> republicans believe the reason the president is going light on spending cuts and demanding the budget deal include another increase in the nation's debt ceiling is clear. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600 billion in savings from our entitlement programs. including our healthcare entitlement program. jay carn
CSPAN
Dec 6, 2012 5:00pm EST
. the fiscal cliff involves nearly four dollars of anticipated revenue from higher taxes for every dollar of spending cuts, yet the president wants more revenue and fewer spending cuts. if we fell off the cliff, his plan calls for another round of stimulus spending. you have got to be kidding me. lackshe president's plan is any reform in our entitlement system. the unrestrained growth in entitlement system is driving deficits and driving the debt even higher than the percentage of our gdp. it is estimated to be as high as $128 trillion. even if they confiscate all of the income that excesses $1 million, we cannot pay for the entitlement commitments that the federal government has made. we have made promises to ourselves that we simply cannot keep. without some sensible entitlement reform, our credit rating will be downgraded again. we will become a country that none of us recognize. secondly, fiscal plans failed to achieve their government budget deficit or debt reduction goals. dr. hassett has examined fiscal plans in other countries. on average, unsuccessful plans proposed an increase in revenue and spe
FOX
Dec 6, 2012 5:00pm EST
. he's not particularly interested in avoiding the fiscal cliff and he's not interested at all in cutsing any spending. >> reporter: democrats say with so much at stake from defense jobs to unemployment benefits and higher taxes on all households, republicans are simply stalling what needs to be done. >> it's apparent how this will end. the only question is when will it end? you know, it's how long will speaker boehner make middle class families wait for relief. >> reporter: the one thing not in question is the deadline of january 1st. until then, it's anyone's guess how much the standoff will last until the deadline is blocked down. >> one of the things overshadowed by all of this are the new unemployment numbers. we're starting to get some of those now, positive numbers for- from-the labor department saying today that claims fell $25,000 last week. that is in comparison when the labor department reported 451,000 claims after hurricane sandy, shawn. >> tom fitzgerald, thank you. >>> new jersey governor chris christie met with president obama to talk about the after math from superstorm sandy. he's pressing the wh
Comedy Central
Dec 5, 2012 7:30pm PST
country will be heading over the fiscal cliff that we ourselves dug and put in our way. it's the set of automatic spending cuts and tax hikes that can only be averted if our nation's leaders are able to display bare-bones competence and middle school level maturity. (laughter) so the there a deal. >> there's, of course, no deal. >> jon: of course! is there there a prospect for a deal? >> there's not a prospect for a deal. >> jon: of course! (laughter) but the ongoing talks -- >> there aren't even very many talks going on. (laughter) >> jon: damn! you're kidding us! give us something! >> but for the first time there are numbers on pieces of paper from both sides. >> jon: numbers on paper! (cheers and applause) we have numbers on paper! from both sides! (whispering snvpld we're all going to be okay. (laughter) how were -- numbers on paper. how were negotiations being conducted before they decided to put numbers on paper? (laughter) were they communicateding by pheromones like aunts? (laughter) vanity cards? is that how this was going? were the two sides just spray painting a side and hoping it wanders past the o
FOX News
Dec 6, 2012 1:00pm EST
. now president obama is insisting that any deal on this fiscal cliff which has automatic tax hikes and spending cuts as of january one, they are trying to avert that. he says any deal on this must include an end to the debt ceiling all together. he wants complete power to raise the country's limit by himself. he doesn't want to have to get congressional approval. that is a demand stirring strong response from republicans today. >> the on way we ever cut spending is by using the debate over the debt limit to do it. now the president wants to remove that spur to cut all together. of course, it gets in the way of his spending plans. i can assure you it one happen. the american people want washington to get spending under control and the debt limit is the best tool we have to make the president take that demand seriously. the american people want us to fight to cut spending. it's a fight they deserve and a fight we are happy to have. >> joining me now, simon rosenberg. and mark theisen. guys, welcome. simon, let me start with you on this. we did have some democrats come on the show and say no, the presi
FOX
Dec 6, 2012 7:00am EST
some statements. >> let's look at what the fiscal cliff really is. the fiscal cliff is almost $8 trillion of spending cuts, revenue increases. which if you want to affect the debt, that's a big way of doing it. every economist says if you do that much that quickly, you are going to throw us back into a serious recession. you know what? at some point, we have to stop kicking the can down the road and actually thinking of long-term debt of this country. i'm never a big fan of senator cobern's positions but he's right. at some point we have to stop this. we need to do it quickly. >> and the fact is, we've got a huge spending problem. and so either you have to figure out a way to pay for what you say you want to do or reduce the spending and that's the piece that's not getting the attention it should right now. >> getting the attention from? >> either the media in some cases. they are talking about what we have to do on taxes. somewhere along the line we have to talk about what we have to do on spending. if you do as the president asks and that is raise taxes on the top 2%, it funds the government for 8 days.
FOX Business
Dec 5, 2012 7:00pm EST
than me. >> for the first time, plan for massive spending cuts from going over the fiscal cliff warning business executives, the economy could take another hit if republicans decide to extend just to middle class tax cuts to avoid the cliff for now and come back next year with more leverage to tie spending cuts and medicare reform to another hike in the nation's debt ceiling. >> we're not going to play that game next year. if congress, in any way suggests they tie negotiations to debt ceiling votes, and take us to the brink of default again as part of a budget negotiioion, i will not play that game. >> republicans held their meeting with small business owners and denied they are trying to punt until next year. >> i'll be here. i'll be available at any moment to sit down with the president to get serious about solving the problem. >> they noted the president has not scheduled any meetings with g.o.p. leaders in weeks and not offered a counterproposal to boehner's plan from last week. >> frankly, it was the balanced approach the president's been asking for. we need a response from
FOX Business
Dec 6, 2012 6:00pm EST
about now. getting past the fiscal cliff is an imperative. we are having a one-sided conversation. the republicans have put out a plan saying raise revenue from reach people, banseed, spending cuts, and that landed with a thud over in the white house, no response, and the president has yet to put out a balanced plan, and what we got is i want $1.6 trillion in tax revenue. give it to me. gerri: and rid of the debt ceiling. >> we've seen this movie before. no ceiling, give me the revenue, i'll spend it. now what? until cuts are in place, this doesn't make sense. gerri: i want to hear what ann coulter said about the debate. >> don't cave on everything, but republicans feed into what the media is telling america -- >> wait a minute, i want to understand. you are saying then for pr purposes, they should give into obama on the tax rate. >> not exactly. well, yeah, i guess i am -- >> you're saying obama, who is -- we don't have a revenue problem, ann. >> we lost the election, sean. gerri: what do you think of this? as a strategy, maybe it's the right thing? acknowledge that the american people voted for the president, put him back in office. it's all on you. >> well, it's simple, i thi
CSPAN
Dec 6, 2012 5:00pm EST
for revenues which would be enough to get us past the fiscal cliff, use automatic spending cuts to make sure taxes don't go up, at least on the great majority and then figure out what to do about the upper brackets, and if that is -- that would be a mechanism that would guarantee further action next year and as is very well possible they would disagree next year and there would be some sort of trigger or punishment for their lack of action. that sounds relatively simple, putting it all together could take at least a couple weeks after you have a deal, there could be some inevitable blow ups from conservatives in the house for the senate so a lot of it is speculation. secondly, a lot of of things that might go in this down payment, farm subsidy cuts, there is a proposal to make federal retirees--federal workers pay more towards their retirement, that can get pretty political pretty quickly. it is very much in flux. all of that presupposes they get an agreement. there is a school of thought that they can't get an agreement until after tax rates actually go. >> host: andrew taylor is
FOX News
Dec 5, 2012 10:00pm PST
take them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate with him with a 1.7 trillion dollar tax increase, 50 billion more in stimulus spending, and absolutely no expenditure reductions that are going to take place right now. i mean, from the point of view of republicans, you're going to get more spending decreases if you go over the fiscal cliff than if you deal with president obama. >> greta: well, it appears to many in the city that it's politico check mate for the president. if we go over the fiscal cliff, what it means is the taxes will go up on the wealthy, the big earners. it also goes up on the middle class. i assume the middle class will look to the rawp republicans foe fact that their taxes come up so political check mate. >> i'm not so sure. president obama could avoid that very simply by putting maybe two or three to one expenditure reductions on the table for revenue increases, something like sim responsibl simpson bow. he has a formula given to him by a commission he appointed and he's totally rejected that formula and presented to the republicans a program which was basically just a massive tax increase over and abo
SFGTV
Dec 6, 2012 2:00am PST
second term, avoiding this fiscal cliff. in august of 2011 congress passed the budget control act which threatened automatic spending cuts if congress failed to come up with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of all defense and non-defense federal spending irrespective of policy or its impact on everyday people. these cuts would be absolutely devastating to our national and local economies. our -- show that sequestration will reduce federal funding direct to san francisco by at least 26.5 million dollars a year, every single year. we would see over $5 million of cut to education, and almost $3 million of cuts from public housing. san francisco's allocation of medicare would be cut by $2 million. funding for the wic workforce program would lose almost $5 million. there would be a $1 million cut to housing services for people with hiv and aids and more than $1 million cut to the community development block grant program. ladies and gentlemen, this is our safety net. and our safety net's already strained by year
Current
Dec 5, 2012 5:00pm PST
. there is plenty of data to show that people don't even know what the fiscal cliff is. it shrinks rather than expands it. you don't spend. anti-keynesian has become the same politician involved in marriage and-- >> eliot: i distinguish between the two, the theological strand of the party is more of the social, same-sex marriage. >> i don't think there is as much distinction as you think there is. >> eliot: the second category, the tea part i began as economic empowerment. you're right. folks who say get government out of medicare, there is no logic to what they're saying. do youdo you buy it, but boehner is trying to harness and hold together that is fraught with inconsistencies. >> well, first of all i agree with sam. i think-- >> eliot: am i outvoted? i'm not sure that i like this. >> it's a distinction without a difference in the first two groups, and i don't think there is a third group left not with any power. do i think boehner is trying to rein in his caucus by sending a couple of rookie pitchers down to aa? if john boehner wanted control of his caucus he could discipline paul ryan whose crazy economic inside are ideas
CNN
Dec 6, 2012 12:00pm EST
everything that was bad in the fiscal cliff happened, there are some estimates it might take, you know, $2,500 out of the average family's spending. for a regular family that will take a lot out of their budget. if you have a new job and we are gaining jobs, it has less of a bite because now you've got new money. the bottom line is we need to not go off the cliff. we need to not see massive spending cuts. we're going to have to have longer-term cuts, and in my opinion probably longer term tax increases on everybody. not just the top 2%. it would be best not to do it at this sort of dangerous time in the economy in a way that would be so -- have such a forceful impact on the economy. that is a political decision more than it's an economic discussion right now. >> peter, i'm going to give you the last word. >> it's really a political issue. this is not the right time to be cutting. maybe another six months. however, the president sees this as an opportunity to get the cuts in ways that he likes best because he won the election. fair enough. so the president sees a political opportunity. i think there's some danger here by not just renew
NBC
Dec 6, 2012 7:00am EST
how we fix our national deficit. as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secretary tim geithner say the president is willing to see the country go off the fiscal cliff if republicans do not accede to his demands. >> it's probably pretty real. but you can't get to where we need to go by cutting spending, that won't cut it. you're going to destroy a fragile economy. you can't get there by taxing your way into it and you can't grow your way out of this. you have to have a blend. when you have leaders of parties and people from the administration saying i think it will be to the advantage of the democrats to go off the cliff or i think it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. this is big-time stuff. >> let me ask you about a report that some republicans now are perhaps willing to see the tax rates rise to some degree on top earn
CBS
Dec 6, 2012 4:30am EST
spending cuts due to kick in at the end of the year as part of the fiscal cliff. >> we don't want to see our public hurt in any way. >> just down the road in washington, d.c., the standoff continues. house speaker john boehner says he's still waiting for president obama to make his next counteroffer to the republican plan he rejected. >> i'm going to need a response from the white house. we can't sit here and negotiate with ourselves. >> the president and boehner spoke on the phone wednesday, but republicans want more. >> we want to sit down with the president. we want to talk specifics. >> whether the talks happen on the phone or in person, here on capitol hill or at the white house, there will be no deal without a compromise on taxes, something that does not appear likely any time soon. >> an obsession to raise taxes is not going to solve the problem. >> treasury secretary timothy geithner said the white house is absolutely willing to go over the fiscal cliff if the gop doesn't agree to raise taxes on the top 2% of earners. while a handful of republicans appears willing to concede
CNBC
Dec 6, 2012 3:00pm EST
this fiscal cliff. we're not sure what will happen. many people predicting we'll go over the cliff. if we go over the cliff and the automatic spending cuts take effect and the tax increases take effect, what do you think happens to the economy? >> well, at the brt meeting that you mentioned, where the president was nice enough to come over, the question was asked, if we go over the fiscal cliff, how many businesses in this room will reduce capital investment? remember, i just said -- and it's very demonstrable that capital investment is what drives gdp growth rate and job creation. that tells a story right there. if we go across the fiscal cliff, we will have an economic contraction or slow down at best. >> how are things looking right now ahead of the holidays? i'm sure your company is real busy, fedexing gifts. what are your expectations for this holiday season? >> well, you know, the 300,000 wonderful teammates of fedex are working very hard. we publicly forecast a couple weeks ago that on the 10th we would move 19 million shipments through our network. that's up about 11% year over year. e-commerce is causing a significant amount of
CNN
Dec 6, 2012 7:00am EST
, spending cuts. that's what the fiscal cliff is all about. it would all start with the start of the new year. i want to get to senator jeff merkley. he's a democrat from the state of oregon. he's on both the budget committee and the banking, housing, and urban affairs committee. nice to have you with us, sir. thanks for joining us. >> you're welcome. >> thank you. before we get to fiscal cliff, let's talk a little bit about syria. there are now reports that they may be loading the components that would make up sarin gas. and i'm curious to know and i think a lot of people are watching this, does this mean that we are headed, the united states is headed into military action considering what we know about the red line, if you will, that hillary clinton laid out pretty clearly? >> it was very important for her to draw a very clear line. because any use of chemical weapons has to be responded to internationally. i'm sure the secretary of state is immersed with russia right now, is in negotiations with russia for a united front against this absolutely unacceptable possibility. >> okay. so sh
CNBC
Dec 6, 2012 6:00am EST
these guys are never going to get anything done. the fiscal cliff hits. the arguments i just pa about the withholding tables and cutting spending, are not generally talked about. a lot of people deny they can be done. we're confident they can. so the question then becomes what's the impact, where is the impact. and the impact is equity markets end of next week will say these guys aren't going to get it done, we won't have a deal january 1, everything falls apart, that's assuming of course we all get past december 21st. >> so basically week and counting before you think the equity market really drops significantly? >> if we do get a deal done do, we just maintain the 2% that we're stuck in with the high unemployment and not go down? or does it actually allow us to start growing again? is anybody talking growth? >> we're talking growth. >> is it possible to ever get back to that in this environment? >> it is. you have a lot of problems with the piece. >> do you briyou believe if you rote deficit -- two different ways. you either keep the government that you have and pay for it by raising taxes, or you kind of leave taxes where they ar
FOX Business
Dec 6, 2012 3:00pm EST
more than $600 billion in tax increases and spending cuts kick in. the fiscal cliff potentially sending the economy into recession. the fear of the cliff. is that putting a veil over your eyes and pretending you seeing good news that could make better trades for your portfolio? you need to see the forest for the trees. to help do that, liz saunders in a fox business exclusive, charles schwab's vice president and chief investment strategist. what is the biggest mistake that the investor is making right now as it pertains to navigating that very rocky fiscal cliff landscape? >> they are trying to trade around perceived outcomes. that is fairly treacherous. we don't get a sense that a lot of investors are doing that -- [talking over each other] liz: there were buying in on the dips because they are trading around he headlines. >> there's a lot of tax related strategy happening right now, many of which make a lot of sense, but i have asked the question of loss, what would you put money on a particular outcome? i wouldn't. that is a dangerous strategy. >> one scenario could be as dam
CSPAN
Dec 6, 2012 7:00am EST
properly by this approach to the fiscal cliff? guest: listen, the republicans have an obligation to be a checks and balance system for the president and his policy. you have got to cut spending. you have to modestly raised taxes. you cannot say that you are not willing to put into how the programs on the table as harry reid said some time ago. my criticism is not that the president is not willing to compromise. i think the president is willing to compromise. my point today is i do not want us to continue to see this as left-right. we need to see this as we the people holding these officials accountable to reach a compromise because there is too much debt is at stake. you should be incensed that congress recessed early yesterday to go home in the middle of this crisis. that to me is an outrage. what does that say how seriously they take in this cliff will face on december 31? it will have an enormous impact. we should hold the members of congress -- we should do our homework and become educated so we can bring about the accountability that seems to be missing from this debate. host: this is drake on twitter. this is big guns. host: and h. robert asks -- host: back to the column by
NBC
Dec 5, 2012 7:00pm EST
brian, tonight, the white house is preparing in case the country does go over that fiscal cliff, budget officials have asked all federal agencies for information that they need in case of possible plans in case of those automatic spending cuts that could go in place in just 27 days. >> peter alexander at the white house for us tonight. thank you. >>> and up next, the loss today of a legend in american music. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ i took my son fishing every year. we had a great spot, not easy to find, but worth it. but with copd making it hard to breathe, i thought those days might be over. so my doctor prescribed symbicort. it helps significantly improve my lung function starting within five minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. with symbicort, today i'm breathing better. and that means...fish on! symbicort is for copd including chronic bronchitis and emphysema. it should not be taken more than twice a day. symbicort may increase your risk of lung infections, osteoporosis, and some eye pro
CBS
Dec 6, 2012 5:00pm EST
. why is this happening? it's the fiscal cliff, the term we use to describe a group of federal tax increases and spending cuts all due to take effect the end of 2012 and early 2013. these measures are set to automatically slash the federal budget deficit by $503 billion between 2012 and 2013. >> you can learn more any time at www.wusa9.com and on 9 news. this has been a 9 news fiscal cliff note. >>> the music is still playing and we are still waiting for the president to arrive at the ellipse for the lighting of the national christmas tree, a very entertaining night as there have been a lot of musicians and celebrities showing up and our own erica grow is there live as well. as soon as the president gets there and lights the big tree, we will be back there live to show it all to you. >>> out in maryland today a historic milestone. the free state issued its first same sex marriage license. gay couples can't legally get married there until 12:01 new year's day and bruce leshan suggested that may have helped to keep the crowds away today. wasn't exactly long lines, bruce. >> reporter: no. not long lines d one re
FOX News
Dec 6, 2012 11:00am EST
. i'm sure if milton freidman were here today, he'd say go over the fiscal cliff. jenna: straight over it? don't even press on the brakes. >> it's always worthwhile to meet and have negotiations. at the end ever the day he favored the least government spending possible. i believe he would have said that is a course that isn't going to be accomplished by raising taxes, rather by raising taxes that will provide funding for more government spending. freidman definitely would have been in favor of the course that will result in the least government spending. jenna: milton freidman served as an economic adviser for ronald reagan during the reagan administration. i'm curious what he would think of either side's position right now. do you think he would take either side? >> i think he would definitely be on the side of the republicans in congress who feel that the tax inc increases should not go forward and there should be the maximum spending cuts possible. i think that is not just true for the affect on the deficit, but because the deficit is being monatized at this point in time through quantitative easing it can result in great h greater inflation down the road. he would have thought this is not a time to raise taxes, this is a time to cut government s
CBS
Dec 6, 2012 4:30am EST
there is no agreement on the fiscal cliff. we have dedicated our entire news department to track this story and be ready with alerts on the air and on the web. every day we feature stories that will show you how you will be affected if the federal government does go over that fiscal cliff. you can get alerts sent straight to your phone about the fiscal cliff on our cliff notes by texting "the cliff" to 25543. >>> our time is 4:31. intelligence officials in pakistan say three suspected militants were killed in a u.s. drone attack. in the last few months, american officials have privately admitted the strikes have killed several al qaeda and taliban commanders. >>> three people were killed overnight in clashes in egypt. supporters of president mohamed morsi battled protesters outside the palace. demonstrators are trying to stop a referendum on the new constitution. the constitution was written by conservative supporters of morsi without contribution from liberal legislators or religious minorities. >>> there has been a significant drop in illegal immigration after nearly a decade of ste
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